2-Unit Luxury Condos

[Kevin Menawonu]

Investment Info:

Small multi-family (2-4 units) fix & flip investment in Boston.

Purchase price: $500,000
Cash invested: $200,000

2-Unit Luxury Condominiums in Jamaica Plain. In the middle of getting it approved to add a third floor which will increase the square footage on the build by 800 sq. ft.

What made you interested in investing in this type of deal?

This was actually our first deal ever as a company. We wanted to take on a project that we thought was small enough to learn on and boy are we learning a lot about the overall permitting processes and how long things take.

How did you find this deal and how did you negotiate it?

We found this deal through a wholesaler.

How did you finance this deal?

Debt-Equity financing. We put up most of our own money on the equity side.

How did you add value to the deal?

We sourced the deal and are GC'ing this deal in-house to hopefully save on cost.

What was the outcome?

This project is still currently ongoing

Lessons learned? Challenges?

Understand the permitting process!